Location: San Juan County, WA | Metro: San Juan County, WA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,410 |
| 1 Bedroom | $1,540 |
| 2 Bedrooms | $2,020 |
| 3 Bedrooms | $2,640 |
| 4 Bedrooms | $2,650 |
| 5 Bedrooms | $3,074 |
| 6 Bedrooms | $3,443 |
| 7 Bedrooms | $3,718 |
| 8 Bedrooms | $3,904 |
U.S. Census Bureau data (2024)
The classification of ZIP code 98297 hinges significantly on the available data points related to rental market dynamics, income levels, and property values. With a Fair Market Rent (FMR) of $1,760 for fiscal year 2026, this figure stands out as the primary metric for assessing yield potential. However, the absence of specific market rent and home value data introduces an element of uncertainty.
The stability of the area is influenced by several factors. Notably, the 4.9% share of renters indicates a relatively low demand for rental properties compared to owner-occupied homes. Additionally, the average household income of $45,625 provides insight into the economic strength of the residents, which can impact the reliability of rental payments.
Given the FMR of $1,760, landlords and small-portfolio investors should expect a moderate yield from their investments in this ZIP code. This is because the FMR represents the maximum amount that a tenant could pay in rental assistance, suggesting a cap on rental income potential unless market rents exceed this figure. The lack of market rent data makes it difficult to assess if there's an opportunity for higher yields through market-rate rentals.
The stability aspect leans towards a less volatile environment due to the higher income level, which supports consistent rental income. However, the low percentage of renters implies that the market might be more suited for homeownership rather than rental investments. This characteristic reduces the pool of potential tenants, thereby affecting the stability of cash flows from rental properties.
In summary, ZIP code 98297 presents a scenario that is neither a high-yield/low-stability flip-style market nor a steady-cashflow zone. It falls somewhere in between, offering a moderate yield with the FMR at $1,760 but with a mixed stability outlook due to the low renter population and the need for further analysis on market rents and home values to fully understand the investment landscape.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.